Carlson Wagonlit Travel (CWT), a global travel management company, has introduced its virtual payment solution for companies in Asia Pacific, allowing corporates to enhance employee’s travel experiences with more efficiency and higher security.
With this solution, when a traveller makes a booking, CWT will provide the hotel or low-cost carrier a unique, 16-digit virtual card number (VCN), three-digit security number and expiry date. This will provide travellers without a corporate credit card an efficient way to pay for their travel without having to use their personal cards.
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CWT’s global virtual payment solution powered by Conferma connects to 26 different banking partners around the world, and virtual cards created have expanded by 35 per cent in the past 12 months. This alternative digital payment works in multiple currencies and is increasingly accepted by travel suppliers, as more and more business and government travellers turn to virtual payment, according to CWT’s white paper analysing the shifting requirements of digitalised travel.
Virtual payment acts like a digital credit card that has a single-use parameter that can be issued immediately and enables centralised billing. This kind of payment solves many issues and challenges found in using traditional corporate credit card programmes, such as the availability of a corporate card, credit card security, and reporting issues.
Virtual payment allows companies to tailor usage parameters, including credit limits, dates of use, where it can be used, all of which can increase travel policy compliance and decrease fraud. All required reporting data is captured, and the virtual card limits can be set up to only allow in-policy purchases.
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“Business travel in Asia Pacific is ripe for a payment solution that better meets the needs of companies and their travellers,” says Michael Valkevich, vice president, Global Sales and Programme Management, Asia Pacific at Carlson Wagonlit Travel. “Corporate credit cards are not widely used in many markets in Asia Pacific. CWT’s virtual payment solution will give companies greater control over their travel spend, increased efficiency and better programme compliance. Travellers will benefit from a simplified expense management process and will have to rely less on their personal credit cards or cash for business travel.”
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